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There are two methods to hold title of a real property. Sole Ownership vs. Co-Ownership. 
Sole ownership may be described as ownership by an individual or other entity capable of acquiring title. Examples of common vesting in cases of ownership are:
A single man/woman: A man or woman who has not been legally married. For example: Jane Buyer, a single woman.
An unmarried man/woman: A man or woman who was previously married. For example: Sally Seller, an unmarried woman.
A married man/woman as his/her sole and separate property: A married man or woman who wishes to acquire title in his or her name alone. The title company insuring title will require the spouse of the married man or woman acquiring title to specifically disclaim or relinquish his or her right, title and interest to the property. This establish that it is the desire of both spouses that title to the property be granted to one spouse as that spouse's sole and seperate property. 
Title to property owned by two or more persons may be vested in the following forms:
Community Property: A form of vesting title to property owned by husband and wife during their marriage which they intend to own together. Community property is distinguished, from separate property which is property acquired before marriage, by separate gift or bequest, after legal separation or which is agreed to be owned by one spouse. In California, real property conveyed to a married man or woman is presumed to be community property, unless otherwise stated. Since all such property is owned equally, husband and wife must sign all agreement and documents of transfer. Under community property, either spouse has the right to dispose of one half of the community property, including transfers by will. For example: Michael Buyer and Kathy Buyer, husband and wife as community property.
Joint Tenancy: A form of vesting title to property owned by two or more person, who may or may not be married, in equal interest, subject to the right of survivorship in the surviving joint tenant (s). Title must have been acquired at the same time, by the same conveyed by operation of law to the surviving joint tenant(s). Therefore, joint tenancy property is not subject to disposition by will. For example: James Buyer and Jenny Buyer, husband and wife joint tenants.
Tenancy In Common: A form of vesting title to property owned by any two or more individuals in undivided fractional interests. These fractional interest may be unequal in quantity or duration and may arise at different times. Each tenant in common owns a share of the property, is entitled to a comparable portion of income from the property and must bear an equivalent share of expenses. Each co-tenant may sell, lease, or will his/her share of the property belonging to him/her. For example: Bruce Buyer, a single man, as to an undivided 3/4 interest and Mary Purchaser, a single woman, as to an undivided 1/4 inerest, as tenants in common.
Community Property with Right of Survivorship: A form of vesting title to property owned by husband and wife during their marriage which they intend to own together. Right of Survivorship avoids probate. Mutual consent required for transfer. Descendant's interest automatically passes to surviving spouse due to Right of Survivorship. Surviving spouse may have tax advantage.
At Parc Bay Real Estate, we work with experienced and reputable title companies who can address your title questions and needs.
Note: Information on this page is strictly for reference only. Clients should be advised to consult an attorney regarding the best way to hold title as personal circumstances often affect this decision.
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